3927 N Colorado Ave · Florence, AZ 85132

$173,000

2 bd · 2.0 ba · 1,056 sqft · Manufactured public records · 265 Days on market

Built 1986 5,264 sqft lot $164/sqft · 11% below area Est $195k · 11% under $50/mo HOA · 3% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.9/30.0
• ARV discount +12.6/15.0
• DSCR +4.9/10.0
• 1% rule +3.4/10.0
• Livability +3.0/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

REDUCED!! This home has amazing views!!! 2 bedroom 2 bath home with hardwood and laminate flooring throughout. Newer roof installed 3-4 years ago. New shed on the north side of home was built. There is a large shop on the south side of the house. The primary bathroom has a new shower installed. AC system has been replaced in 2019, and water heater replaced in 2021. Most windows have been replaced. Double carports for lots of parking, and a back patio for entertaining! Come see this lovely home!

Key facts

• Replaced windows
• Amazing views
• New shower

Tags

• AMAZING VIEWS
• NEWER ROOF
• NEW SHED
• LARGE SHOP
• NEW SHOWER
• REPLACED WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $173k.

Deal economics

• At list price, monthly cash flow is $83 ($997/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (16.0% below list).
• Recommended offer: $145k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.1% in Florence — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 60/100 on livability (#187 in AZ) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Florence Unified School District (4437) (rural): math 16% / reading 24% proficiency, ranked #178 of 249 in AZ (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.3%/yr); 736 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 9,504 units permitted in Pinal County in 2024 (776 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 265 days — a 12% lower offer ($152k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $22k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $173k implies a 179% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 6→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,331 (16.0% below list)

Questions for the listing agent

1. It's been on market 265 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.06%
• DSCR: 1.09
• GRM: 9.9

CMA / ARV

• ARV (median comp): $195,000
• List price: $173,000
• Delta: -11.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3815 N Illinois Ave	0.35mi	3/3.0 (+1)	1,089 (+3%)	3mo	$195,000	$179	67
3806 N Iowa Ave	0.66mi	2/2.0	1,040 (-2%)	6mo	$184,500	$177	62
3611 N Colorado Ave	0.64mi	2/2.0	1,057 (+0%)	11mo	$173,000	$164	60
3921 N Santa Cruz Dr	0.17mi	2/2.0	1,189 (+13%)	14mo	$255,000	$214	60
810 E Mississippi St	0.52mi	3/2.0 (+1)	985 (-7%)	4mo	$199,000	$202	56
3717 N Illinois Ave	0.51mi	2/2.0	925 (-12%)	3mo	$119,900	$130	53
3814 N Iowa Ave	0.63mi	2/2.5	1,024 (-3%)	14mo	$240,000	$234	52
3701 N Illinois Ave	0.61mi	2/2.0	1,121 (+6%)	12mo	$182,000	$162	52
3614 N Ohio Ave	0.68mi	3/2.0 (+1)	961 (-9%)	2mo	$165,000	$172	46
3706 N Ohio Ave	0.62mi	2/2.0	1,145 (+8%)	13mo	$205,000	$179	46
704 E Yavapai Ct	0.36mi	2/2.0	897 (-15%)	18mo	$93,625	$104	43
3601 N Wisconsin Ave	0.73mi	2/1.0	897 (-15%)	14mo	$90,000	$100	25

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.27% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.48×
• Total profit: $-25,286
• Equity at exit: $25,795

10-year hold

• IRR: -9.1%
• Equity multiple: 0.48×
• Total profit: $-25,296
• Equity at exit: $14,958

Cash invested: $48,440 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Arizona: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

5-day pay-or-quit; AZ courts known for speed; no state rent control; cities preempted by state law.

Methodology + full state rankings →

ZIP-level market 85132

• Home prices YoY: -5.2%
• Rents YoY: 1.3%
• Active inventory: 736
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,453 medium
• Mortgage (P&I): −$907
• Tax from tax record: −$36 /mo · $428/yr
• Insurance: −$72
• HOA: −$50
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $83

Break-even live

Break-even rent $1,348

Max offer price $173,000

Occupancy floor 89%

Sensitivity live

Price	-10% $181	-5% $132	+0% $83	+5% $34	+10% $-15
Rent	-10% $-32	-5% $26	+0% $83	+5% $141	+10% $198
Rate	-1.0pp $170	-0.5pp $127	base $83	+0.5pp $38	+1.0pp $-7

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,250
• Closing costs: $5,190
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
308 Lancaster Ct Unit 1 Florence, AZ	2.0	1.0	841	$1,295	$1.54	45d	1	0.51mi
3722 N South Dakota Ave Florence, AZ	1.0	1.0	721	$1,100	$1.53	45d	1	0.58mi
3611 N Michigan Ave Florence, AZ	2.0	1.5	1441	$1,600	$1.11	45d	1	0.81mi

HOA detail

• Monthly dues: $50 · $600/yr
• Likely covers: water

Listing history 22 events

1. 2026-06-21
   days on market $173,000 Active 265 DOM
2. 2026-06-18
   days on market $173,000 Active 262 DOM
3. 2026-06-17
   days on market $173,000 Active 261 DOM
4. 2026-06-16
   days on market $173,000 Active 260 DOM
5. 2026-06-15
   days on market $173,000 Active 259 DOM
6. 2026-06-13
   days on market $173,000 Active 257 DOM
7. 2026-06-13
   days on market $173,000 Active 256 DOM
8. 2026-06-09
   days on market $173,000 Active 253 DOM
9. 2026-06-08
   days on market $173,000 Active 252 DOM
10. 2026-06-07
    days on market $173,000 Active 251 DOM
11. 2026-06-04
    days on market $173,000 Active 248 DOM
12. 2026-06-03
    days on market $173,000 Active 247 DOM
13. 2026-06-02
    days on market $173,000 Active 246 DOM
14. 2026-06-01
    days on market $173,000 Active 245 DOM
15. 2026-05-31
    days on market $173,000 Active 244 DOM
16. 2026-04-26
    status Active 501-char remark

    Show marketing remark (501 chars)

    REDUCED!! This home has amazing views!!! 2 bedroom 2 bath home with hardwood and laminate flooring throughout. Newer roof installed 3-4 years ago. New shed on the north side of home was built. There is a large shop on the south side of the house. The primary bathroom has a new shower installed. AC system has been replaced in 2019, and water heater replaced in 2021. Most windows have been replaced. Double carports for lots of parking, and a back patio for entertaining! Come see this lovely home!

17. 2026-04-15
    historical Under Contract Accepting Backups 501-char remark

    Show marketing remark (501 chars)

    REDUCED!! This home has amazing views!!! 2 bedroom 2 bath home with hardwood and laminate flooring throughout. Newer roof installed 3-4 years ago. New shed on the north side of home was built. There is a large shop on the south side of the house. The primary bathroom has a new shower installed. AC system has been replaced in 2019, and water heater replaced in 2021. Most windows have been replaced. Double carports for lots of parking, and a back patio for entertaining! Come see this lovely home!

18. 2026-03-20
    price $173,000 501-char remark

    Show marketing remark (501 chars)

    REDUCED!! This home has amazing views!!! 2 bedroom 2 bath home with hardwood and laminate flooring throughout. Newer roof installed 3-4 years ago. New shed on the north side of home was built. There is a large shop on the south side of the house. The primary bathroom has a new shower installed. AC system has been replaced in 2019, and water heater replaced in 2021. Most windows have been replaced. Double carports for lots of parking, and a back patio for entertaining! Come see this lovely home!

19. 2026-01-26
    price $175,000 501-char remark

    Show marketing remark (501 chars)

    REDUCED!! This home has amazing views!!! 2 bedroom 2 bath home with hardwood and laminate flooring throughout. Newer roof installed 3-4 years ago. New shed on the north side of home was built. There is a large shop on the south side of the house. The primary bathroom has a new shower installed. AC system has been replaced in 2019, and water heater replaced in 2021. Most windows have been replaced. Double carports for lots of parking, and a back patio for entertaining! Come see this lovely home!

20. 2025-09-29
    listed $195,000 Active 501-char remark

    Show marketing remark (501 chars)

    REDUCED!! This home has amazing views!!! 2 bedroom 2 bath home with hardwood and laminate flooring throughout. Newer roof installed 3-4 years ago. New shed on the north side of home was built. There is a large shop on the south side of the house. The primary bathroom has a new shower installed. AC system has been replaced in 2019, and water heater replaced in 2021. Most windows have been replaced. Double carports for lots of parking, and a back patio for entertaining! Come see this lovely home!

21. 1997-02-13
    soldstatus $62,000
22. 1983-06-27
    soldstatus $9,495

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AZ · Resets to sale price

• Current annual tax: $428 · $36/mo
• Projected year-2 tax: $1,142 · $95/mo
• Expected delta: +$713/yr (+$59/mo · 166.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 6 d/yr ≥112°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,440
• − Mortgage interest: −$9,691
• − Property taxes: −$428
• − Insurance: −$865
• − Repairs & maintenance: −$1,395
• − Management: −$1,395
• − HOA: −$600
• − Depreciation: −$5,033
• Taxable loss: −$1,967
• Est. tax savings @ 24.0%: +$472
• After-tax cash flow: $1,469/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Florence Unified School District (4437)
• NCES district ID: 0402920
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 24% ▼ -7.00%
• Median HH income: $54,426
• Composite: 18.31/100
• National rank: #8950
• State rank: #178 of 249 in AZ

Livability — Florence

• Score: 60/100
• State rank: #187
• US rank: #19483

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment B- Housing A+ Health & safety F User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florence, AZ
• County: Pinal County · 399,947 people
• City population: 38,671
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 38,671
• Household income: $79,000
• Rent vs Own: 13.6% rent · 86.4% own
• Severe rent burden: 102.0

Population outlook (Pinal County) Hauer SSP2

• Today (2025): 437,574 people
• By 2030: 446,903 · +2.1%
• By 2040: 452,589 · +3.4%
• By 2050: 444,126 · +1.5%
• By 2075: 430,300 · -1.7%
• By 2100: 393,536 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 59% Hispanic / Latino 28% Two or more races 9% Black 7% Native American 3%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Italian 5% Portuguese 2% Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 79% English-only · Spanish 17% German/W. Germanic 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Pinal

• 2024 margin: Strong R (+22.1) · D 38.5% · R 60.6%
• 2008→2024 swing: -7.6pp toward R · 2008: -14.5pp · 2024: -22.1pp
• All cycles: 2024: R+22.1 2020: R+17.3 2016: R+19.3 2012: R+17.1 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -12.75%
• Current HPI: 233.6644
• Rent YoY: ▲ 1.27%
• Metro: Phoenix-Mesa-Chandler, AZ
• State GDP YoY: ▲ 4.54%
• F500 in state: 20

Industry mix (Fortune 500 HQ in AZ)

Industry	F500 HQs	Revenue
▸Technology	2	$13B
▸Mining / Metals	1	$23B
▸Environmental Services	1	$16B
▸Metals / Steel	1	$14B
▸Technology Distribution	1	$9B
▸Homebuilding	1	$8B

Price history

+1722.0% since first listed

7 events — show timeline

• 2026-04-26 Relisted — ARMLS
• 2026-04-15 Contingent — ARMLS
• 2026-03-20 Price Changed $173,000 ARMLS
• 2026-01-26 Price Changed $175,000 ARMLS
• 2025-09-29 Listed $195,000 ARMLS
• 1997-02-13 Sold (Public Records) $62,000 Public Records
• 1983-06-27 Sold (Public Records) $9,495 Public Records

Property tax history

-1.0%/yr

Latest (2025): $428 · +2.4% YoY. Source: county tax records.